Characteristics of Inventory Systems
Which of the following statements regarding inventory systems is true?
A
The periodic system utilizes the inventory account.
B
The perpetual system updates inventory records on a continuous basis.
C
The periodic system continuously updates the cost of goods sold at the time of each sale.
D
The perpetual system utilizes the purchases account.
E
The perpetual system determines the cost of goods sold at the end of the accounting period.